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Gold Plunges: Australia the New Safe Haven

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Gold

Gold rout continue in Asian trading session and currently trading between 1071 and 1083 price level, the precious metal reached a new low in 5 years on Monday when it touches 1071.73. The situation keeps getting worse without possible solution in sight, gold has declined for 10 straight days, the longest losing streak for the metal since September 1996.

Many analysts have attributed decline in gold to strong U.S dollar which hurt commodities measured in dollars. Most overseas investors find it too expensive due to strong American dollar, hence, drop in demand. On Thursday dollar dropped against major currencies, which enable gold to tick up 0.2 percent to $1,093 an ounce.

In Australia the story is different, while spot gold tumbled 16 percent in the past year, the precious metal’s price in Australian dollar has surged about 8 percent. S&P/ASX All Ordinaries Gold Index of 21 Australian miners have gained 12 percent so far this year as the benchmark Philadelphia Stock Exchange Gold and Silver Index slumped 31 percent.

The suppliers in Australia, the second largest producer of Gold in the world are benefiting from selling the metal for strong U.S dollar while cost of production are denominated in weaker local currency. Australian dollar plunged to 6 year low on Friday.

William Kaye, a Hong Kong based owner of The Pacific Group Ltd. said Australian miners are profiting from weaker Australian dollar against the strong U.S dollar, this would make Australian miners attractive to investors. Australia’s largest producer, Newcrest Mining Ltd., said its margin increased 13 percent in the year through June as it increased output.

A Sydney based senior economist at Westpac Banking Corp., Justin Smirk, said investors may remain wary of weaker bullion prices because there is no guarantee that they will get a movement in Aussie dollar that will equal the movement of the rise or fall of the gold price.

On Friday, Australian fell 0.8 percent to 72.94 U.S. The Australian gold index dropped 5.4 percent as gold hit the lowest since 2010. The Australian index rose 2.6 percent on Thursday as Philadelphia Index fell 4.7 percent.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

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MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

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President Buhari

President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

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Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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